One Sole Before Shark Tank
One Sole is the brain-child of female entrepreneur Dominique McClain Barteet. One Sole is the original interchangeable shoe. Having started her career as a Pharmacist, Dominique like so many other women around the world found herself buying the same pair of shoes in various different colors. She began to think there must be an easier way to interchange colors and styles on the same pair of shoes. Dominique began to experiment with this idea in the back room of her pharmacy. Through pure trial and error Dominique developed the idea of One Sole having absolutely no prior experience in the design of shoes or in the business world. Perseverance paid off for Dominique when she managed to create the One Sole brand which is now known for its versatility allowing one to interchange part of the shoe.
Dominique also liked the fact that by creating One Sole, she has ultimately created the perfect travelling shoe for women around the world! Instead of loading up your luggage with numerous pairs of shoes, One Sole is the perfect solution.
Dominique felt that she could use some help to take One Sole to the next level and really break the market. She went into the tank with the hope that one of the sharks would invest in her company. Not only would the sharks provide some extra capital for her to expand One Sole, they would bring their business expertise as well as key relationships with retailers to the business. Will One Sole be a hit with the sharks?
One Sole On Shark Tank
Dominique enters and begins by talking about herself and her company, One Sole. She informs the sharks that she is looking for an investment of $500,000 for a twenty per cent share in the company. She goes on to say that she loves shoes; what woman doesn’t? She then went on to tell the sharks about the day she went to the mall and came home with the exact same pair of she’s in three different colors. This prompted her to start thinking of the possibility of shoes with interchangeable tops. She demonstrates just how simple it is to interchange the tops of the shoes to create a completely new look in seconds. Further to that, Dominique traveled a lot and used to bring a whole suitcase of shoes with her on her. Since she invented One Sole, she has been travelling a lot lighter. Dominique doesn’t even pack shoes now. She wears her One Sole shoes, packs a handful of interchangeable tops and saves on space AND baggage fees.
Dominique then asks Barbara if she would like to try the One Sole shoes as comfort is a feature the company prides itself in to which Barbara replies that it is perfect timing as her feet are killing her.
Kevin Harrington starts off the questions and asks Dominique what the retail price of the shoe is. Dominique explains that the retail price for the One Sole shoe and a solid top is between seventy to eighty-five dollars. The interchangeable tops are separate and the retail price for those range from twelve to thirty dollars.
Barbara claims that the shoes are ‘heaven’ and asks can she wear them for the remainder of the day. The other sharks are interested to see how comfortable they are to which Barbara replies there is no doubt about the comfort element of the One Sole shoes.
Kevin O’Leary thinks the One Sole shoes are interesting but questions her valuation of $2.5 million on the company. Dominique goes on to shock the sharks by announcing that she has had gross sales of over $20 million in the last four years. Further to that the One Sole shoes are in two thousand stores in over thirty countries and the shoes have been on several television shopping channels. Kevin O’Leary asks about sales for the previous year. Dominique replies sales were only $3.5 million last year, a low figure in comparison to the $6 million achieved the year before that. The sharks are interested to know where the shoes are made. Dominique informs them that the mold for the shoes are made in Italy and the interchangeable tops are made in Florida. Kevin O’Leary then asks about the possibility of making the interchangeable tops offshore as the price would be much lower and Dominique explains that is exactly why she is there. She does not have the contacts to do so and the current manufacturer of the interchangeable tops is not able to create more complicated designs that she has come up with.
Daymond asks how exactly Dominique has been financing this business venture and it is then she tells the sharks that initially this started as a hobby back when she was practicing as a pharmacist. What with the success of One Sole, within two years Dominique moved her pharmacy into her shoe factory. The sharks are amazed to hear that Dominique is still acting as a pharmacist and managing to turn over profits of about thirty per cent of her gross sales.
Robert is slightly confused as to why Dominique needs the extra money seeing as her profits her approximately $1 million the previous year. Dominique explains that she bought a house in Palm Beach some years previous and that has tied up a lot of her capital.
The sharks acknowledge that Dominique is selling herself short when she claims to be in over her head. Although she has never had a class in business or shoe design, she has a very success company on her hands but is looking for a business partner and the reassurance that will go with having one.
This year the business has gone international and Dominique has people crying out for One Sole shoes everywhere from Australia to Saudi Arabia to Switzerland. She is finding it overwhelming but when Kevin O’Leary asks if she would sell the whole business, Dominique says she would not want to do that.
Robert offers $100,000 for a ten per cent equity share in the company and asks Dominique to persuade the other four sharks to join. That way she would get the $500,000 she asked for but she would be giving up a fifty per cent equity share.
Kevin Harrington claims he likes the product too. Daymond also claims he believes in One Sole as a brand and does not need any partners. He offers Dominique the $500,000 but for a thirty-five per cent equity share in the company.
Barbara says she likes the product but it will take too much of her time so for that reason she declares herself out.
Not wanting to be left out, Kevin O’Leary decides to make an offer. He is willing to give Dominique the $500,000 that she is looking for but wants a whopping fifty-one per cent share in One Sole. Dominique instantly rejects this.
Kevin Harrington looks to join Robert in his offer. Each of them will offer $250,000 for a twenty-five per cent share each. With all the offers now on the table, Dominique takes a moment to consider before accepting Daymond’s offer. Dominique leaves extremely happy to be teaming up with Daymond to take One Sole to the next level.
One Sole Now in 2018- The After Shark Tank Update
Since doing the deal with Daymond on Shark Tank, Dominique to expand One Sole to a level she could never imagine possible. Her days of running her pharmacy out of her shoe factory are most definitely behind her. Since the success of One Sole, Dominique has started giving motivational talks to budding entrepreneurs and sharing her story of how she made it big.
More recently, Dominique has considered Kevin O’Leary’s suggestion of selling the company so she can cash in and retire. One Sole is available to buy worldwide in stores or online on sites such as Amazon.com. You can buy the One Sole products by clicking on this link here. There is no doubt that One Sole is one of the big success stories to come out of the shark tank!